PRM - Prominence Energy

yogi-in-oz · 22 May 2007

Hi folks,

SUR ... nice hammer candle with extra volume, just one day ahead
of a lunar aspect on Tuesday, expected to bring us some news, to
trigger two other positive time cycles, too ...

happy days

paul

=====

wipz · 6 November 2007

HI guys, i am so impressed with CVN success I thought id do some research and came accross this:

"Carnarvon Petroleum Limited has submitted an application with the Department of Mineral Fuels (“DMF”) in Thailand for concession rights in petroleum exploration and production for the area known as Block L20/50 (“the Concession”) onshore Thailand in the Phitsanulok Basin on behalf of a joint venture comprising Carnarvon and Sun Resources NL (“Sun Resources”). Carnarvon and Sun Resources are the only applicants for this block.

Carnarvon and Sun Resources (“the Joint Venture”) have each applied for a 50% participating interest in the Concession if granted. Carnarvon has applied as the Operator. The Concession covers an area of 3,947 km ² and is located approximately 50 km west of Carnarvon’s current permits onshore Thailand. The Concession is also around 30km southeast and on trend with the large onshore Sirikit oil and gas fields which have produced over 150 million barrels of oil to date and are still producing at 20,000 barrels of oil per day (bopd).

The DMF is now considering the application and the Joint Venture will be informed of the status of the bid in due course.

Carnarvon’s Managing Director, Mr Ted Jacobson, commented: “We have been encouraged by our successful operations in our two exploration permits in the adjacent Phetchabun Basin to seek out other similar opportunities onshore Thailand. Our initial work indicates that the application area L20/50 possesses very similar geology to that in the Phetchabun Basin. The Concession is well located being in close proximity to the large Sirikit oil field to the north, with a rail line and oil pipeline passing through the Concession allowing quick tie-in to existing infrastructure in the case of a discovery. If an exploration permit is granted, Carnarvon will operate the joint venture.”

SUR could be a very cheap entry into the Thai oil fields.

http://www.scandoil.com/moxie-bm2/financial/politics_/carnarvon-bids-for-onshore-permit-thailand.shtml

wipz · 6 November 2007

Just a follow up fellas, the outcome for the applications for the L20/50 block are expected to be released October/November (per company website). And to get a feel for where we sit in relation to the CVN block, have a look at the following link:

http://www.sunres.com.au/pdf/Company%20Summary%20of%20Activities%20L2050.pdf

ta2693 · 6 November 2007

It is an interesting company. but it takes time for market to weak up and realize its value.
I think the current market price does not reflect its new successful rate in Tailand after CVN's discovery. it takes time for market to rerate it.

I am in and bullish on this one.

ta2693 · 8 November 2007

sur's trading behavior is suspicious. I feel pros are accumulating it.
Hold well in today's bear market.

wipz · 8 November 2007

Bit of interesting reading:

Thailand leasing round gains additional bids

"By an OGJ correspondent
BANGKOK, Aug. 30 -- Thailand's Department of Mineral Resources has received three additional applications in its 20th round of petroleum concession bidding, raising the total number of applicants to 31 involving 24 tracts.

The second monthly submission deadline that ended on Aug. 15 saw Mitra Energy Ltd. of Kuala Lumpur, Malaysia, vying with Singapore-based Pearl Energy—the 50:50 Australian partnership of Carnarvon Petroleum Ltd. and Sun Resources NL—and its subsidiary Pearl Oil (Petroleum) Ltd.

Pearl Energy applied for L20/50, a 3,947-sq km onshore block in the central plains.

Pearl Oil bid for Block G2/50, a 1,123-sq km tract that encompasses three areas in the Gulf of Thailand near the Thai-Cambodian disputed waters.

Mitra Energy sought onshore Block L45/50, covering an area of 3,983-sq km west of Bangkok.

The first submission of the 20th round ended July 16. In that tender, 28 petroleum companies submitted applications for 21 exploration blocks—14 onshore and 7 in the Gulf of Thailand (OGJ Online, July 26, 2007).

Date 31 August 2007"

Source: http://www.dmf.go.th/events/news.show_news_eng.asp?id=10376

So this means that SUR and CVN are not the only ones applying for L20/50 as disclosed on their webby. Interesting.
Anyone know much about PEARL ENERGY?
Any thoughts?

Interesting link regarding 19th and 20th bidding round in Thailand - who is where etc
http://www.ctlo.com/data/Krairit%20Nilkuha%20AIPN%20Meeting%2015%20May%2007.pdf

wipz · 8 November 2007

Im confused right now, as per http://www.dmf.go.th/bid20/ doesnt state anything about Pearl Energy applying for L20/50.
Maybe we do have got it locked in?

wipz · 9 November 2007

Sun resources up 15% today so far, too bad i dont have any cash to get in at the moment, really worrying im going to miss out on cheap entry to this one. Smart investors are buying up while she remains under the radar IMO.

ta2693 · 9 November 2007

I know it is going to weak up. But I do not expect it comes so soon. It is on the edge of breaking out now.

wipz · 9 November 2007

SUR got a bit of attention today, hit 10c on decent volume, no announcement.
Maybe punters are getting on board as the outcome of the L20/50 application (50% JV with CVN) in Thailand shall be announced any day now.
Still looking to get in.

wintermute · 9 November 2007

I suspect it is because Bondi just spudded (though I think news on Thailand is due mid to late November). It is unusual lately for the price to spike like this.... usually nothing happens when they spud, and the price stays the same or goes down when they have a success Could also be because the long anticipated cap raising has gone ex entitlement, and people are no longer holding off till they knew what the placement price was.

Holding, and hopeful that the market is finally waking up to how undervalued SUR is considering recent successes (and potential if other prospects come off), which seem to have had no positive effect on the sp.

Tony.

wipz · 9 November 2007

Im hoping she drops back so i dont have to pay through the eyeballs to get in, but damn the chart looks good.
Shes smashed through the BB on solid volume, moving averages and DMI look awesome.
Really hope she doesnt follow this trend in the ST!

wintermute · 10 November 2007

me being the conservative type think that it has gone a bit too hard (I prefer a slow and steady climb), I reckon we will see more gains on Monday and possibly into the week next week but a pullback is surely on the cards, how far though is any body's guess.

Its been depressed for so long now, that it is probably like a coilled spring, will shoot up rapidly, then come back and bounce up and down a few times before coming to an equilibrium....

Tony.

wipz · 29 November 2007

At CVN's AGM today, Ted mentioned that the L20/50 application result will be out January 08. cheers fellas

ta2693 · 14 December 2007

I feel professional are accumulating it again. I think the discovery of CVN on 4000bpod increase odds of cvn and sur proposed land success.
The L20/50 is in between two large oil field. i looks very promising to me.

wipz · 14 December 2007

I agree with you on that one, I still dont hold, there will be a quiet period before the storm IMO.
DYOR

ta2693 · 14 December 2007

What are you waiting Mr Wipz. I bought some after your post when the price is 8.5c. I will buy more if it can break 14c. it seems 14c is another decisive point.

ta2693 · 16 December 2007

SUR 29m market cap at 13c
The Concession covers an area of 3,947 km² and is located approximately 50 km west of Carnarvon’s current permits onshore Thailand. The Concession is also around 30km southeast and on trend with the large onshore Sirikit oil and gas fields which have produced over 150 million barrels of oil to date and are still producing at 20,000 barrels of oil per day (bopd).
New finding on cvn about 4000 bopd . it is a very good result for onshore oil field.
Thailand Department of Mineral Fuels has commented that this is the highest flow rate ever achieved by any oil well drilled onshore Thailand.
Given the highly positive correlation between the flow rate and oil reserve in land. and the size of the land is similar to Sirikit oil and gas field I think the oil land has at least 100m barrels oil. given $20 per barrel EV. the Oil filed is valued at $2000m. CVN 40% is about 800m. CVN is about 480m market cap at 70c. If all assumption is true, CVN should be above $1.

the oil field continuity is very high. Sur is only 30m. if it find 100m barrel oil.
sur has 50% shares. then the it will bring $1000m for cvn and $1000m for sur
Sur will rise from 13c to $3.9. and cvn will rise from $1 to $2 range.
if the find is only 10m barrel. then it will bring cvn $100m and sur $100m
will not have much impact on cvn, but sur can rise from 13c to 39c. still a very good return. given the L20/50's location is in between two above 100m barrel large oil field and similar size of field. It is very likely to find 100m barrel rather than only 10m.

the cvn following drilling new come out next week. The market will wake up very soon.

Besides, from trading behavior, I found someone are accumulating it. The seller is very little even in friday's strong bearish market condition.
I notice someone come and bought more than 1000000 units at open in a trade, which is very very suspicious. who will put such a big money in small shares like SUR if he do not know what he was doing. I only seen this kind of out of pattern trading when RVR was about 17c. and it shoots to 60c later in a month.

If it can breaks 14c, it will got another technical confirm of breaks out. let us wait and see whether it can give us breaks out signals next week.

Miner · 16 December 2007

ta2693 said:
SUR 29m market cap at 13c
The Concession covers an area of 3,947 km ² and is located approximately 50 km west of Carnarvon’s current permits onshore Thailand. The Concession is also around 30km southeast and on trend with the large onshore Sirikit oil and gas fields which have produced over 150 million barrels of oil to date and are still producing at 20,000 barrels of oil per day (bopd).
New finding on cvn about 4000 bopd . it is a very good result for onshore oil field.
Thailand Department of Mineral Fuels has commented that this is the highest flow rate ever achieved by any oil well drilled onshore Thailand.
Given the highly positive correlation between the flow rate and oil reserve in land. and the size of the land is similar to Sirikit oil and gas field I think the oil land has at least 100m barrels oil. given $20 per barrel EV. the Oil filed is valued at $2000m. CVN 40% is about 800m. CVN is about 480m market cap at 70c. If all assumption is true, CVN should be above $1.

the oil field continuity is very high. Sur is only 30m. if it find 100m barrel oil.
sur has 50% shares. then the it will bring $1000m for cvn and $1000m for sur
Sur will rise from 13c to $3.9. and cvn will rise from $1 to $2 range.
if the find is only 10m barrel. then it will bring cvn $100m and sur $100m
will not have much impact on cvn, but sur can rise from 13c to 39c. still a very good return. given the L20/50's location is in between two above 100m barrel large oil field and similar size of field. It is very likely to find 100m barrel rather than only 10m.

the cvn following drilling new come out next week. The market will wake up very soon.

Besides, from trading behavior, I found someone are accumulating it. The seller is very little even in friday's strong bearish market condition.
I notice someone come and bought more than 1000000 units at open in a trade, which is very very suspicious. who will put such a big money in small shares like SUR if he do not know what he was doing. I only seen this kind of out of pattern trading when RVR was about 17c. and it shoots to 60c later in a month.

If it can breaks 14c, it will got another technical confirm of breaks out. let us wait and see whether it can give us breaks out signals next week.

Dear Ta
In short what time frame you are suggesting to get the high rise price for SUR and CVN ?
If it is in next three months should I buy the share of any red wine winery as well (just joking).
Please TELL US more on your research !

Regards

wipz · 17 December 2007

Ta your right. But to me its about time value of money, unless we see a major break out on SUR I will remain on the side lines. If granted the JV wont be drilling for at least 1 year, there will be quiet times ahead to accumulate (all other things remaining constant).
IMO, DYOR

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